Portugal has introduced updated requirements for Proof of Funds (POF) for individuals applying for long-term stay visas. The new regulations, outlined in the PCM Regulatory Decree n.º 107/2023, dated 17th December, mandate that applicants demonstrate sufficient financial means to support themselves during their stay in the country. This change aims to ensure that visa holders can sustain their living expenses without relying on public resources.

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Key changes to proof of funds requirements

The minimum required amount is based on Portugal’s current minimum monthly salary, which stands at €870 (net of social security deductions). The total amount required depends on the applicant’s family composition, with additional percentages applied for dependants:

  • Main applicant: €870 per month, totalling €10,440 for 12 months.
  • Second adult or additional adults: 50% of the main applicant’s amount, totalling €5,220 per year.
  • Children and young people under 18, or non-minor dependent children: 30% of the main applicant’s amount, totalling €3,132 per year.

For example, a family of three (two adults and one child) would need to show proof of €18,792 to meet the POF requirements.

Acceptable sources of funds include grants, scholarships, employment contracts, or written proposals for service contracts. These documents must be submitted as part of the visa application process.

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Additional updates for students and professionals

Portugal has also clarified several points for international students and professionals:

  1. IELTS Not Required for MSc Applicants: Proof of English proficiency, such as IELTS, is not mandatory for Master’s degree applicants.
  2. No Professor Sponsorship Needed: MSc and PhD candidates do not require a professor’s endorsement to apply for their programmes.
  3. Work While Studying: International students are permitted to work part-time to cover tuition and living expenses.
  4. Tuition Fees: Tuition costs in Portugal range from €1,500 to €6,000 annually, though some institutions may charge higher fees. Certain universities also offer the option to pay tuition in instalments.

Read also: 6 European countries to get work visa with ease

Budget and preparation tips

Applicants are advised to plan their finances carefully. The estimated budget for a single person ranges between 5m – 7m, while families should prepare 8m – 10m. This budget includes visa fees, accommodation, flights, and other initial expenses.

Before starting the admission process, applicants must ensure their documents are authenticated and legalised.

Pathway to citizenship

Portugal offers a clear pathway to citizenship for long-term residents. Individuals who reside in the country for five years are eligible to apply for Portuguese citizenship, provided they meet all other legal requirements.

For more details, visit the official Portuguese visa website

Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.

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